As everyone has seen the Bank of Canada has decreased their key interest rate at their last 3 meetings. This is welcome news for current variable rate mortgage holders.
We’ve also finally started to see some rate decreases on the fixed side. In the past 2 months the popular 3 year fixed has gone down by almost 1%.
With the economy potentially heading for a recession (or is it there already..) we’re anticipating rates continuing to decrease.
Currently the market is pricing in another 8 rate cuts from the Bank of Canada over the next 2 years.
With all this in mind, if you are coming up for renewal, please make sure not to take your current lenders first offer. They often provide you with an uncompetitive rate and a quick expiry with the hopes that you will lock in long before your renewal date.
Make sure to get a second opinion, as it could save you thousands!
If you have any questions feel free to reach out.